Singapore and the Pacific Alliance signed a Trade Agreement on Wednesday with which that Asian country will become the first Associated State of that bloc.
The Pacific Alliance is a regional integration initiative formed by Chile, Colombia, Mexico, and Peru on April 28, 2011. Its main objective is for members to form a regional trade bloc and forge stronger economic ties with the Asia-Pacific region. .
The entry of Singapore as an Associated State was included as part of the Joint Declaration of the XVI Summit of the Pacific Alliance, held in Colombia.
The Pacific Alliance Summit was attended by the presidents of Chile, Sebastián Piñera; from Colombia, Ivan Duque; of Peru, Pedro Castillo, and the Secretary of the Treasury of Mexico, Rogelio Ramírez de la O.
«Our belief in free trade as a fundamental pillar in the inclusive and sustainable development that the countries that make up this regional mechanism seek,» the officials said.
The negotiations between the Pacific Alliance and the Associated States include, among others, the chapters on good regulatory practices, the environment, state-owned companies, public procurement, cooperation, SMEs, cross-border services, technical barriers to trade, competition, gender and trade, labor and temporary entry of people.
Also market access, rules of origin, financial services, investments, intellectual property, legal and institutional matters, commercial defense, electronic commerce, trade facilitation, telecommunications, maritime services, and sanitary and phytosanitary measures.
In addition, the four Latin American countries are in negotiations with Canada, Australia and New Zealand for their incorporation as Associated States.
«We look forward to continuing to work with Australia, Canada and New Zealand in seeking mutually beneficial terms for their incorporation as Associated States in the future,» the officials said.
The objectives of the Pacific Alliance are to build a zone of deep economic integration; gradually move towards the free movement of goods, services, capital and people; promote economic development, regional competitiveness and greater social welfare; and become a platform for commercial integration with the rest of the world, with special emphasis on the Asia-Pacific region.